The April 1st 2007 sees the RICS Service Charge code of practice relating to commercial property come into force. The Code, which promotes best practice in terms of service charges, recommends that service charge budget estimates be provided to Tenants at least one month prior to commencement of the service charge period and certified accounts with four month of the end of same.
The ECS Qube software has routines that can lighten the burden and can produce reports speedily and accurately. The ECS Qube software can help you adhere to the codes and acts without having to invest a vast amount of money in new staff, new stationery, etc. For example the Qube software incorporates several period end routines that can significantly reduce the day to day burden faced by managing agents thus allowing them to get on with managing the property. Furthermore a comprehensive set of system reports and reporting tools are available which enable the speedy and accurate production of even the most complex of reporting requirements.
Some of the routines and reports available within Qube are listed below:
- Budget information
- Analysis of actual cost against budget predictions
- Comparisons between current year budget figures and last years figures
- Comparisons between current year actual expenditure and last years actual expenditure, showing differences and variances
- Produces comprehensive anticipatory service charge statements for tenants at the beginning of the service charge period
- Produces comprehensive service charge statements at the period end
- Produces expenditure reports for the service charge in minute detail if required
- Reports that will identify and show the void costs including Capped service charges and under/ over recovery
- Automatically calculates the on account charges from budgets
- Increases budgets in line with set percentages
- Will charge interest on late payments
- Ring fence specific sinking fund or reserve monies
- Ring fence Loans and Floats
- The ability to post in commercialisation monies
- Account for Management fees
- Individual demise overrides can be applied – for instance where one unit is excluded for a period of time.
Do not get left behind – act now and start using software that has been ahead of the game for over a decade.
Qube – the software continues to keep up with legislation changes and keep our customers ahead of the game.